Tag

Loans
Question: Is the Bounce Back Loan Scheme (BBLS) Shariah Compliant? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. The Answer: The Bounce Back Loan Schemes are not Shariah compliant. A person seeking financing should seek alternative financing through Shariah compliant financing, non-interest products or lastly, seek financing with...
Read More
In essence, Rahn is collateral which is any property or asset used to secure a debt. For example, a home purchase is typically secured by pledging the home as collateral. If the borrower defaults, the financier can seize the property. But why did the Shariah allow for Rahn? What are the Shariah wisdoms tied to...
Read More